FG to Source For Funds For East West Road Completion



  There were indications yesterday that the Federal Government will need N193,855,828,511.04 to complete  the East-West road. The project, meant to open up socio-economic potentials of the region, started in 2006 and is at 51 per cent completion level. In a media brief in Abuja, the Minister of Niger Delta Affairs, Godsday Orubebe lamented paucity of fund which he said was threatening the 2014 completion date of the project. He said the Ministries of Niger Delta Affairs, Finance and Justice as well as the Debt Management Office (DMO) are collaborating with financial institutions to ensure that the completion date was met. According to him, the ministry has not been able to surmount the challenges on the project it inherited from the Ministry of Works since 2009. “I wish to recall that the total payment made by the Federal Ministry of Works from 2006 – 2009 is N33.4 billion with a percentage completion of 10 per cent at the time the project was handed over to the Ministry of Niger Delta Affairs. “To date, the Ministry of Niger Delta Affairs has paid N122.6 billion and moved the average percentage completion to 51 per cent. “The ministry will require N193,855,828,511.04 to complete the East – West Road by the new date of 2014,” he said. The minister gave an analysis of the project and prospects for its completion with the estimated funding gap to complete project (Sections I-IV) as at December 31, 2014. He said the amount owed contractor was N 8,572,143,549.2, cost of completion by December 2014 was put at N176,536,978,563.18 while retention to be paid in 2015 was also put at  N8,746,706,398.57. “So, far out of the total 338km dual carriageway road about 50km have been completed to asphaltic wearing course, 115km have been completed to asphaltic binder level while over 120km earthworks have been done. “Also, out of the total 42 bridges, 34 have been substantially completed, which include the second 850m Imo River Bridge. “To complete the project by 2014 according to the programmes of work and cash flow projections for the four sections, the additional funds required in 2012 is N34,428,000,000.00, while funds required for 2013 will be N86,553,529,762.00 and funds finally required for 2014 will be N50,013,997,249.00. From the Sure-P budget for the ministry, N21.7 billion is to be utilised for the East – West project this year. “Going by these appropriations, it is not likely that these funds will be enough to complete the project by December 2014.”

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Osaro Agho




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